Parkson unit acquires Watatime Group stake
3 January 2014
STORY BY
BERNAMA
www.bernama.comParkson Holdings Bhd’s wholly-owned unit, Corporate Code Sdn Bhd, has signed a share sale agreements with two vendors to acquire equity interests in Watatime Group of Companies for RM15 million. Corporate Code, a dormant company, was acquired by Parkson on Jan 2, 2014 for RM2.
In a filing to Bursa Malaysia today, Parkson said the acquisition included 50% stakes in five Watatime Group’s subsidiaries, 31.07% stake in Watatime (Subang) Sdn Bhd and 39.42% equity interest in Watatime (M) Sdn Bhd.
Parkson said the acquisition of Watatime Group, a luxury watch segment retailer with the most number of outlets in Malaysia, would complement the existing range of merchandise including fashion and lifestyle products offered by the group.